You must be one of those folks that are flipping my ENTIRE neighborhood.

Specific neighborhoods/areas to look at?

Roof may need some work and there is a 2 car garage in terrible condition that might need to be torn down to make room for tenant parking spots.Property 2: On market 90 dayslist- 199,900 (considering offer of 178k)Taxes- 5400Rents-975PITI-1600Good neighborhood but further from colleges and down town area than property 1. outdated building, black mold in attic needs to be removed, basement is in rough shape and needs to be overhauled.

Almost EVERYWHERE around the boroughs are "B" neighborhoods and again co-ops are $500K and above. 

Be careful with tenant quality in San Bern and Hemet - there can be some rough neighborhoods in those areas

Where are the properties, as you mentioned, appreciation has been very steady here in SATX, but depending on the area/neighborhood, that train is far from out of steam.  

Hey BP,So one of the HOA's that I own a rental in is trying to pass an amendment limiting rentals to 20% of the homes in the neighborhood and all tenants and leases have to be approved by the board of directors of the HOA.From all the research I have done on BP it seems like if this passes I am SOL, and probably will have to sell. is this a correct understanding?

I would avoid going to such a meeting because the whole point of it is the sharing that goes on, and it seems these organizers have not mastered that yet...

So basically my question to everyone is do you guys think that I am in over my head buying in a F neighborhood with 11 units, and my first purchase ever?

You will NOT see appreciation in Cleveland.....but you WILL see CashFlow.  1%Rule you can find in Cleveland in your sleep WITHOUT knowing what you're doing.....look hard in some C Class neighborhoods and if your timing is right you'll get 3% rule.